Homeowners have been pulling back from refinancing, as rates jump following U.S. election

The rapid rise in interest rates since Election Day is taking a toll on the mortgage market, and lenders are scrambling to adjust.

Since Donald Trump’s surprise victory, average rates for a 30-year, fixed-rate mortgage have leapt by more than half a point, to 4.18% on Wednesday. Rates still remain low by historical standards, but are now at their highest level since June 2015, according to MortgageNewsDaily.com.